Money in Cyber Space - How to add to will ?
Discussion
Ok, so many of us will have money in say premium bonds or on line share buying services where aside from a login there is nothing tangible.
So imagine I die tomorrow, how will my executor know such of such on line assets?
My will doesn't list them, and they change regularly anyway, what is the best way to make sure your executor knows about them?
TIA
So imagine I die tomorrow, how will my executor know such of such on line assets?
My will doesn't list them, and they change regularly anyway, what is the best way to make sure your executor knows about them?
TIA
MikeStroud said:
Ok, so many of us will have money in say premium bonds or on line share buying services where aside from a login there is nothing tangible.
So imagine I die tomorrow, how will my executor know such of such on line assets?
I think this will be a massive problem in years to come.So imagine I die tomorrow, how will my executor know such of such on line assets?
There is a great deal to be said for bits of paper.
dingg said:
I have provided my next of kin with all of our account numbers held.
In fact that reminds me I need to update things with him..
That is what I assumed. So if you die, using your death certificate they can get those accounts closed and funds sent to your estate presumably?In fact that reminds me I need to update things with him..
The issue will be if you and your spouse die at the same time or goes mad/loses memory then your estate loses that money for ever.
I was wondering if there was some central search facility where an executor could enter your name/address/dob etc and all your accounts pop up like magic :-) I believe HMRC can do this.
My Executors and Legal Guardians was presented with a copy of my Will plus a separate sheet listing every financial account details + website/numbers/names/reference numbers etc.
For completeness for my wife, I also included my non financials account details such as Council Tax, mobile phone, broadband, all utilities etc.. Whilst compiling this list, I realised every bill was under my sole name, so wherever possible, I updated them to either joint account or added a second account name (with my wife) so she had full "admin right" to speak and deal with the service providers if I am not around.
For completeness for my wife, I also included my non financials account details such as Council Tax, mobile phone, broadband, all utilities etc.. Whilst compiling this list, I realised every bill was under my sole name, so wherever possible, I updated them to either joint account or added a second account name (with my wife) so she had full "admin right" to speak and deal with the service providers if I am not around.
MikeStroud said:
That is what I assumed. So if you die, using your death certificate they can get those accounts closed and funds sent to your estate presumably?
YES
The issue will be if you and your spouse die at the same time or goes mad/loses memory then your estate loses that money for ever.
WE HAVE PROVIDED OUR SON WITH THE DETAILS FOR THIS EVENT.
I was wondering if there was some central search facility where an executor could enter your name/address/dob etc and all your accounts pop up like magic :-) I believe HMRC can do this.
NO IDEA BUT BEST DO AS WE HAVE TO AVOID THIS ROUTE. YES
The issue will be if you and your spouse die at the same time or goes mad/loses memory then your estate loses that money for ever.
WE HAVE PROVIDED OUR SON WITH THE DETAILS FOR THIS EVENT.
I was wondering if there was some central search facility where an executor could enter your name/address/dob etc and all your accounts pop up like magic :-) I believe HMRC can do this.
Inkyfingers said:
Simple spreadsheet on computer listing both joint and individual accounts, which we both have access to should one of us peg it. I send a copy to the solicitor who holds our wills annually (or when something significant changes) in case we both go at the same time.
This, or even more basically, just list the providers and account numbers as you would do for a bank account (also mostly online these days).Your money is not is cyber space, just your account view of it.
Whenever you add/change an account just let your Executors know.
With pension money you nominate the beneficiary and you need to keep this up to date too (any discrepancy will cause problems}.
It is not difficult and if you have a financial adviser they should be doing this for you as a matter of course.
This is one of the situations where a password manager can help greatly. I can only speak about LastPass as that's what I use but you can either set up a family account with a common database or you can use the Emergency Access feature. If you use a shared account then it can be accessed by any member (although you can control what is shared so your PronHub password is concealed). If you set up an Emergency Access contact then they can request access & it's granted unless you refuse it (presumably because you're incapacitated or dead).
Given that you can store a wide variety of notes, files, pdfs etc it's not just account passwords they would have access to - it's any details you want to share, including a scan of your will of course. As it's online whenever you are it's very easy to keep updated, far more so than trying to remember to open a spreadsheet. There's also the security aspect as this spreadsheet would need to be stored securely, yet in a manner that your executor can access.
Given that you can store a wide variety of notes, files, pdfs etc it's not just account passwords they would have access to - it's any details you want to share, including a scan of your will of course. As it's online whenever you are it's very easy to keep updated, far more so than trying to remember to open a spreadsheet. There's also the security aspect as this spreadsheet would need to be stored securely, yet in a manner that your executor can access.
Mr Pointy said:
This is one of the situations where a password manager can help greatly. I can only speak about LastPass as that's what I use but you can either set up a family account with a common database or you can use the Emergency Access feature. If you use a shared account then it can be accessed by any member (although you can control what is shared so your PronHub password is concealed). If you set up an Emergency Access contact then they can request access & it's granted unless you refuse it (presumably because you're incapacitated or dead).
But will it still work in 30 years?Useful reminder to set up a master list, both hardcopy and electronic.
I've never looked closely at LastPass etc, just maintain an encrypted list of passwords, login details etc. Does LP cope with the dual passwords that so many institutions require now, eg main password then three letters from 2nd password? I can't see it handling full two-factor authentication, where you also need a one-off text code, but on some sites you need this only when transferring money externally, as opposed to just viewing or transacting within that entity.
I've never looked closely at LastPass etc, just maintain an encrypted list of passwords, login details etc. Does LP cope with the dual passwords that so many institutions require now, eg main password then three letters from 2nd password? I can't see it handling full two-factor authentication, where you also need a one-off text code, but on some sites you need this only when transferring money externally, as opposed to just viewing or transacting within that entity.
millen said:
Useful reminder to set up a master list, both hardcopy and electronic.
I've never looked closely at LastPass etc, just maintain an encrypted list of passwords, login details etc. Does LP cope with the dual passwords that so many institutions require now, eg main password then three letters from 2nd password? I can't see it handling full two-factor authentication, where you also need a one-off text code, but on some sites you need this only when transferring money externally, as opposed to just viewing or transacting within that entity.
They all support multi fields, software licences, secure notes etc I've never looked closely at LastPass etc, just maintain an encrypted list of passwords, login details etc. Does LP cope with the dual passwords that so many institutions require now, eg main password then three letters from 2nd password? I can't see it handling full two-factor authentication, where you also need a one-off text code, but on some sites you need this only when transferring money externally, as opposed to just viewing or transacting within that entity.
millen said:
Taita said:
They all support multi fields, software licences, secure notes etc
Many thanks - I'll look at it with renewed interest. My Word document of passwords etc is now 14 pages long 
98elise said:
I've listed everything in a document, . It's kept in the same place as my will, .
Yes, it's as simple as that.Someone's Will might say, "I leave everything equally between my two children" and the Will would be formally signed/witnessed etc. But the piece of paper you file with it saying, "Here's a list of my stuff" doesn't need any fancy signing/witnessing and be changed as often as you like.
What you can't do in a Will is say, "I leave everything to my two children. Please follow the instructions I'll tuck in here from time to time saying what I own and who should get how much of what". That sort of thing would need another formally signed/witnessed document, essentially amending the Will itself.
rockin said:
Yes, it's as simple as that.
Someone's Will might say, "I leave everything equally between my two children" and the Will would be formally signed/witnessed etc. But the piece of paper you file with it saying, "Here's a list of my stuff" doesn't need any fancy signing/witnessing and be changed as often as you like.
What you can't do in a Will is say, "I leave everything to my two children. Please follow the instructions I'll tuck in here from time to time saying what I own and who should get how much of what". That sort of thing would need another formally signed/witnessed document, essentially amending the Will itself.
And in the will after property or a specific items, house to wife, car to son etc. leave residue net estate as %'s as nobody knows exact amounts or it could be to last grandchild/charity but I believe % is the best way....I stand to be corrected.Someone's Will might say, "I leave everything equally between my two children" and the Will would be formally signed/witnessed etc. But the piece of paper you file with it saying, "Here's a list of my stuff" doesn't need any fancy signing/witnessing and be changed as often as you like.
What you can't do in a Will is say, "I leave everything to my two children. Please follow the instructions I'll tuck in here from time to time saying what I own and who should get how much of what". That sort of thing would need another formally signed/witnessed document, essentially amending the Will itself.
Edited by tescorank on Thursday 21st May 02:09
tescorank said:
And in the will after property or a specific items, house to wife, car to son etc. leave residue net estate as %'s as nobody knows exact amounts or it could be to last grandchild/charity but I believe % is the best way....I stand to be corrected.
Be very wary of leaving a Charity anything as a percentage. Once they get wind of it their lawyers will be all over over it making life difficult for your executor as they have to prove they got the best price for any sales, especially for property.Mr Pointy said:
Be very wary of leaving a Charity anything as a percentage. Once they get wind of it their lawyers will be all over over it making life difficult for your executor as they have to prove they got the best price for any sales, especially for property.
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